Arcapita Bank Gets OK To Solicit Creditors' Votes For Plan

Law360, New York (April 26, 2013, 3:42 PM EDT) -- A New York bankruptcy judge on Friday signed off on Arcapita Bank BSC’s disclosure statement, allowing the Bahrain-based bank to begin gathering votes for its liquidation plan and ultimately exit Chapter 11 bankruptcy.

U.S. Bankruptcy Judge Sean H. Lane said the disclosure statement “more than satisfies the requirement of adequate information” and that it “sensibly resolves” various objections. The plan, first filed in February and amended since, calls for the bank to set up new operating companies that will be overseen by a Cayman Islands holding...